Question
What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..
294
likes1470 views
Answer to a math question What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..
Fred
4.4118 Answers
Solution:
For simple interest, A=P\left(1+rt\right) For payment due 23 months, 3300=P\left(1+\left(0.027\right)\left(23\right)\right) P=\frac{3300}{1+\left(0.027\right)\left(23\right)} P\approx2035.78 For payment due 7 months, A=2035.78\left(1+\left(0.027\right)\left(7\right)\right) A\approx2420.54
Answer: $2,420.54
Frequently asked questions (FAQs)
Find the equation of a hyperbola with a center at (2,-3), the distance between the foci is 6, and the length of the transverse axis is 10. (
+
What is the measure of angle A in a right triangle when angle B measures 45 degrees? (Angle A + Angle B + Angle C = 180 degrees)
+
What is the area of a parallelogram with base 5 and height 8?
+
New questions in Mathematics